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PICC Group, unit see FY'18 profit decline YOY

People's Insurance Co. (Group) of China Ltd.'s full-year 2018 profit attributable to equity holders of the company declined to 12.91 billion yuan from 16.10 billion yuan in 2017.

Basic EPS dipped to 30 fen from 38 fen.

Gross written premiums rose year over year to 498.61 billion yuan from 476.45 billion yuan, and net written premiums increased to 468.99 billion yuan from 448.58 billion yuan. Investment income decreased to 29.53 billion yuan from 36.48 billion yuan.

Total benefits, claims and expenses grew to 483.34 billion yuan from 464.82 billion yuan.

The group's comprehensive solvency margin ratio rose to 309% as of end-2018 from 299% as of end-2017. The core solvency margin ratio grew to 244% from 235% over the same period.

Unit PICC Property & Casualty Co. Ltd. saw profit for the year decrease as well to 15.49 billion yuan from 19.81 billion yuan.

As of March 22, US$1 was equivalent to 6.72 Chinese yuan.